Short-Term Bank Loans

12 Months Ended

Dec. 31, 2014

Short-Term Bank Loans [Abstract]

SHORT-TERM BANK LOANS

NOTE 7 – SHORT-TERM BANK LOANS

Short-term bank loans represent amounts due to various banks that are due within one year. These loans can be renewed with these banks upon maturity. At December 31, 2014 and 2013, short-term bank loans consisted of the following:

	December 31,  2014		December 31, 2013
Loan from Agricultural and Commercial Bank, due on May 9, 2014 with annual interest rate of 7.20% at December 31, 2013, secured by certain assets of the Company and repaid on due date.	$	-	$	490,966
Loan from Agricultural and Commercial Bank, due on March 20, 2015 with annual interest rate of 7.20% at December 31, 2014, secured by certain assets of the Company and repaid in March 2015 (see note 16).		488,719		-
Loan from Bank of China, due on March 1, 2014 with annual interest rate of 6.27% at December 31, 2013, secured by certain assets of the Company and repaid on due date.		-		490,966
Loan from Bank of China, due on March 4, 2014 with annual interest rate of 6.27% at December 31, 2013, secured by certain assets of the Company and repaid on due date.		-		490,966
Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 15, 2014 with annual interest rate of 9.30% at December 31, 2013, secured by certain assets of the Company and repaid on due date.		-		818,277
Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 1, 2015 with annual interest rate of 9.36% at December 31, 2014, secured by certain assets of the Company.		814,531		-
Loan from Bank of Communications, due on April 21, 2014 with annual interest rate of 6.72% at December 31, 2013 and repaid on due date.		-		327,312
Loan from Bank of Communications, due on April 23, 2014 with annual interest rate of 6.72% at December 31, 2013 and repaid on due date.		-		490,966
Loan from Bank of Communications, due on April 16, 2015 with annual interest rate of 6.72% at December 31, 2014.		325,812		-
Loan from Bank of Communications, due on April 23, 2015 with annual interest rate of 6.72% at December 31, 2014.		488,719		-
Loan from Bank of China, due on February 16, 2015 with annual interest rate of 6.27% at December 31, 2014, secured by certain assets of the Company and repaid in January 2015 (see note 16).		488,719		-
Loan from Bank of China, due on February 18, 2015 with annual interest rate of 6.27% at December 31, 2014, secured by certain assets of the Company and repaid in January 2015 (see note 16).		488,719		-
Total short-term bank loans	$	3,095,219	$	3,109,453

For the years ended December 31, 2014 and 2013, interest expense related to short-term bank loans amounted to $238,226 and $300,381, respectively, which were included in interest expense on the accompanying consolidated statements of income and comprehensive income.